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Tesla Inc.’s CEO Elon Musk recently took a jab at Rivian’s (NASDAQ:RIVN) valuation and investor Gary Black comparing the latter to CNBC host Jim Cramer.
What Happened: On Tuesday, Musk responded to a post by X user AJ, who shared an old post of Black on Rivian.
Black had estimated Rivian’s market cap at around $70 billion, assuming the company would produce 150,000 electric vehicles per year by 2024.
Musk responded sarcastically, “Is he trying to compete with Cramer?”
Why It Matters: The Tesla CEO’s comment is a reference to his previous remarks about Cramer, who is known for his stock market predictions that often turn out to be opposite in reality, and hence is popularly described as the “inverse Cramer.” Musk has previously dubbed Cramer’s predictions as “inverse” due to their perceived inaccuracy.
Musk’s post adds to the ongoing conversation about Rivian’s valuation and the reliability of market predictions. His reference to Cramer is notable, given the CNBC host’s controversial reputation.
Rivian is facing a significant stock downturn. Despite a reported first-quarter revenue exceeding consensus estimates, Rivian’s shares fell sharply due to a higher-than-expected loss per share and a reduction in 2024 production guidance.
Price Action: Rivian closed 0.77% lower at $10.25 on Tuesday, according to Benzinga Pro. The stock is down nearly 2% in the past month.
This image was generated using AI on MidJourney
Engineered by Benzinga Neuro, Edited by Pooja Rajkumari
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